Personal Trust

DEFINITION of 'Personal Trust'

A trust created for a person or persons. Personal trusts can be used by wealthy or middle-class beneficiaries to accomplish a variety of financial objectives. Personal trusts are separate legal entities that have the authority to buy, sell, hold and manage property for the benefit of their beneficiaries.

BREAKING DOWN 'Personal Trust'

Personal trusts can take many forms. They can be revocable or irrevocable, living or testamentary. They can fund education expenses, meet special needs of beneficiaries or allow them to avoid or reduce estate taxes. They can also be separate taxable entities or pass-through entities.

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RELATED FAQS
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    Estate planning fees may be tax deductible, but only if certain conditions have been met. Internal Revenue Service (IRS) ... Read Full Answer >>
  2. Can personal loans be included in bankruptcy?

    Personal loans from friends, family and employers fall under common categories of debt that can be discharged in the case ... Read Full Answer >>
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    In 2014, the office of the Texas Comptroller of Public Accounts reported $234 million in unclaimed property claimant liabilities, ... Read Full Answer >>
  4. How much money does Michigan make from unclaimed property each year?

    According to the 2013-2014 Annual Report of the State Treasurer, the state of Michigan earned only $82,875 in abandoned and ... Read Full Answer >>
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